Sanctions ‘disrespect’ to Turkey

President Tayyip Erdogan yesterday said US sanctions over Turkey's purchase of Russian S-400 missiles would be disrespectful to a Nato ally, after sources said Washington was poised to take the step likely to further strain relations. 

The report of imminent US sanctions targeting Turkey's defence industry over missiles comes as EU leaders at a summit discussed separate sanctions against Turkish officials over gas exploration in disputed parts of the Mediterranean.

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Both developments -- examples of Erdogan's long-strained relations with Western allies -- have caused anxiety among investors. The US moves, earlier than expected and potentially wider in scope, are likely to have the greater immediate impact.

The lira tumbled nearly 2% after Reuters cited sources saying US sanctions are set to be announced as soon as today. The currency later rebounded as investors weighed up the impact.

"For America to get up and confront Turkey with a matter like CAATSA is disrespectful to a very important Nato partner," state-owned Anadolu agency cited Erdogan as saying.

In a later speech to officials from his AK Party, Erdogan took a more conciliatory tone, calling on both US and EU politicians to "break from the influence of anti-Turkey lobbies".